Consumers to withdraw £11bn in December
28 December 2011 16:45:56
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| Cash withdrawals to peak in December |
However, the total amount to be withdrawn in December is estimated to be a staggering £11bn, according to Sainsbury's Finance.
This works out to roughly £354m from ATMs everyday this month, or a little under £15m every hour, representing a sizable increase on last year's total of £10.3bn.
Sainsbury's predicts that consumers will have headed to cash points in their droves on December 23rd more so than any other day, but with the Boxing Day sales having lured millions of shoppers in their thousands to the high street in search of a bargain it's likely cash points (one word) will have been hit hard then as well.
In order to keep up with the festive financial demands, people tend to increase the amount of cash they take out during the month of Christmas by as much as 12%, figures show. Alex Blake, head of ATMs, at Sainsbury's Finance offered some friendly advice to those intent on spending with cash this month.
"This party season make sure you don't leave getting your cash to the last minute - why not get your spending money whilst you're doing your shopping. It certainly beats standing in line in the freezing cold on your night out."
If you want to make sure you have access to cash over the festive period then compare bank accounts and see which provider matches your requirements.
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